New company but where?

[Cabbage500]

Hi, Please can someone give some advice.

I have a Seychelles IBC, Forex management company. I am a Bangladesh national as director. Last year we invoiced around 1.5 million euros.

Getting a new bank accounts isn't easy, we have tried a few but often we get rejected. We have some EMIS like Transferwise and mistertango, but and im concerned if the EU/Mifid tomorrow decide that they don't want the EMIS to accept Seychelles or Bangladesh clients then we will be in trouble.

Maybe its worth moving the company to a new jurisdiction within the EU like Bulgaria or somewhere else, so that we can get a bank account open?

We charge our customers for trading on there forex trading accounts, and really don't want to charge VAT if it can be helped, and obviously the less tax the better.

Any advice gratefully received.

Thanks

 

[Cabbage500]

I think i put this in the wrong section, not sure how to move it.‌

 

[negon]

You may be able to relocate your company to a⁠ European country and register it as Financial service company which not always require a license⁤ but which excempt the company from VAT! this is not cheap, considering that you operate⁣ in a €400 business at the moment the above will cost you more than 10⁢ times this amount. I have no clue why people consider the slightest Bulgaria but if︀ you feel good with it, do so.

 

[Cabbage500]

Thanks Negon. OK im not overly worried about setup costs, as long as we get‌ the correct setup in the end. I only thought about Bulgaria as tax rate was‍ low. Can you suggest which countries in EU would be good for me to look⁠ at? or recommend anyone that can help me get this started? Thanks

 

[blizz]

Cyprus non resident 0% corporate tax? how low do you need it? I give a‌ flying f**k about what people say about the legality of such setups I'm using it‍ currently for the second year.

 

[optimus]

A financial services company license from Lithuania might be the cheapest option. Then you can‌ have offices in any other jurisdiction in EU. You don't have to pay the corporate‍ tax in Lithuania.

 

[ImKing]

What's the cost, do you know it?

 

[optimus]

Around 1000 + 0.585% in fees.

Payments

 

[blizz]

Do you tried‌ them to open a company?

 

[optimus]

This is‌ about getting a payment provider license. It's quite a process, nothing you can just order.‍ But the fees themselves aren't that high.

 

[Cabbage500]

Ok to register as a financial services company⁢ seems great, without a license, as i imagine the license will be difficult to get.︀ Do you know which country I can register in without a license? thanks

 

[Spinat]

Most countries within Europe you can apply for a company setup for a Financial service‌ company without to have a license but with 100% VAT exemption! So why would you‍ apply for any license?

 

[JohnLocke]

The problem may be the business activity. If he apply for a bank account and‌ mention what he is doing they may reject to open the account.

 

[Cabbage500]

OK didn't know that. thanks

Yes I think this is killing my chances to get bank accounts open. Any⁣ ideas how to solve this? If we are registered in EU country as a financial⁢ service company, do you think getting a bank account will be easier?

 

[Cabbage500]

Who could help with this. Im happy to pay someone who can guide me? any‌ recommendation is appreciated.

 

[JohnLocke]

Since it isn't allowed to spam the forum with suggestion you may either check signatures‌ on different providers here or you sign up for Mentor Group access to get direct‍ replies from providers that may be able to help you.

A Financial Service license will⁠ make it much easier for your business to open a bank account, however, qeustion is,⁤ if it is really required to become licensed.